Mirae Asset Financial Group unveiled plans to build Digital X, its recently acquired cryptocurrency exchange formerly known as Korbit, into a 150 trillion won ($109 billion) digital asset business with profitability targeted for 2027.
Market Context
The announcement comes as South Korea, home to 11.3 million verified crypto users, develops comprehensive regulations under its upcoming Digital Asset Basic Act. The country has seen retail crypto trading volumes that often rival those on stock exchanges, making ownership of a licensed exchange a strategically valuable asset for traditional finance firms seeking crypto exposure.
Analysis
Chairman and founder Park Hyeon-joo outlined the vision during an employee event titled 'A New Voyage Begins, Together,' positioning Digital X as the cornerstone of what Mirae calls 'Mirae Asset 3.0.' The exchange will focus on four core areas: cryptocurrency trading, stablecoins, real-world assets (RWAs), and security token offerings (STOs). Beyond trading, Digital X plans to tokenize physical assets including gold, silver, and electricity while building an 'onchain finance' ecosystem linked to traditional finance.
Mirae acquired a 97% stake in Korbit, which was founded in 2013, in July before rebranding the platform. The firm has emphasized its goal of transforming Korbit into an 'intelligent investment platform' where knowledge, information, and investment insights connect organically—creating an ecosystem where RWAs, STOs, stablecoins, and digital assets interlock with traditional assets.
The $109 billion target represents roughly 7% of Mirae's $1.09 trillion in client assets under management across the group. With $1 trillion in AUM, Mirae is leveraging its existing institutional relationships to fuel Digital X's ambitions at a time when competitors like Shinhan Financial Group are also moving into stablecoin infrastructure through partnerships with Visa.
Key Numbers
- 150 trillion won ($109 billion) targeted digital asset business size by unspecified future date
- $1.09 trillion in client assets across Mirae Asset Financial Group
- $1 trillion in assets under management firm-wide
- 97% stake acquired in Korbit, founded in 2013
- 2027 profitability target for Digital X
- 11.3 million verified crypto users in South Korea
What to Watch
Regulatory developments around South Korea's Digital Asset Basic Act will be critical as it covers stablecoins, VASP licensing, and crypto ETFs. Watch how Mirae's onchain finance ecosystem integrates with its traditional asset management products. The competitive response from other Korean financial conglomerates entering crypto—particularly Shinhan's stablecoin infrastructure work with Visa—will shape the landscape.
Digital X's path to profitability by 2027 will depend on adoption of tokenized RWAs and whether South Korea's regulatory framework enables institutional participation.